It’s now easier for older savers to continue socking money away for retirement. Just be aware that unintended consequences may follow — and they could cost you. That’s due to the Secure Act, legislation that was signed into law late last year and took effect in 2020. The measure overhauled key elements of retirement planning, […]
There’s little question that Social Security is our nation’s most important social program. According to an April-released survey from national pollster Gallup, 89% of current retirees rely on their monthly payout to some degree to help make ends meet. Meanwhile, an all-time record 88% of nonretirees told Gallup that they expect to lean on Social […]
Making your retirement money last is imperative to enjoying financial security in your later years. Unfortunately, far too many retirees make major mistakes that could leave them at risk of running short of cash. Here are four big errors that could leave you broke. 1. Withdrawing too much too fast from your retirement accounts To […]
Whether family meals are an everyday occurrence in your home or a new adventure, keeping a well-stocked pantry is essential in creating delicious and healthy meals that won’t break the bank. Did you know that home-cooked meals often contain less sodium, unhealthy fats and sugar than those prepared in a restaurant? Knowing how to stock […]
One of the basics of building a financial foundation is saving. When you set savings goals, you’re more likely to develop long-term money habits that will benefit you. You’re also more likely to reach your objectives. If you’re looking for help in becoming a better saver, here are some tips on how to set savings goals. […]
While it’s never too early to start setting aside money for the future, the last 10 or so years before you retire are certainly crucial to reaching any sort of savings goals. To retire by age 67, experts from retirement-plan provider Fidelity Investments say you should have eight times your income saved by the time you turn 60. […]
Once you stop working, it can be difficult to generate extra income. If you can reduce your spending, however, you won’t need to withdraw as much money from retirement funds. That helps make sure you aren’t forced to alter your lifestyle to pay bills — not to mention lessen the chances of outliving your retirement […]
If you’ve amassed a solid nest egg in time for retirement, congratulations — you’ve done your part to help ensure that you’ll have enough money to live comfortably. But if you’re now retired and are gearing up to start taking withdrawals from your 401(k) or IRA, you shouldn’t just do so blindly. Rather, you should make […]
When should you claim Social Security? That’s almost impossible to answer because a lot depends on your personal circumstances. Some people will end up with far more money by waiting to claim benefits as long as possible, while others could see more lifetime income by starting to get checks ASAP. But while it’s difficult to […]
Have you done the math and decided you want to take Social Security benefits as early as possible? You’re in good company. Although every month you wait to take Social Security translates to a higher monthly benefit, 62 remains the most popular age to start Social Security. But don’t expect your first check to arrive […]
Planning for retirement isn’t easy, especially when there are so many costs to consider. Not only do you need to think about your general living expenses, but you’ll also need to plan for any travel or vacations, hobbies and entertainment, and healthcare and medical costs. There’s one expense in particular, though, that can bust your […]
Reducing costs on regular expenses is something which mum-of-two Alice Matthews has managed to do recently, and the savings are substantial. Mrs Matthews, who is known as @MotherHusterUK to her 13,800 Instagram followers, was set the challenge of trying to save money within just 15 minutes. The task, which was set by MoneySuperMarket as part […]
